Multichain Shuts Down Operations Following CEO's Arrest in China
The crypto world is reeling from the news that Multichain, a cross-chain router protocol connecting different blockchains, is shutting down its operations. This drastic decision follows weeks of uncertainty and rumors surrounding the detention of its CEO, Zhaojun, by Chinese police.
Multichain's End: A Timeline of Events
The troubles for Multichain began with a significant security breach. Shortly after, whispers emerged about the CEO's disappearance. As stated in a Twitter announcement, the project struggled to maintain operations without its leader. Confirmation finally arrived: Cross-chain project Multichain has confirmed, after weeks of rumors, that its CEO Zhaojun was detained by Chinese police and is still under custody.
Why is Multichain Shutting Down?
The recent hack, coupled with the CEO's detainment, has crippled the project. The recently hacked cross-chain router protocol Multichain announced it is shutting down its operations, citing a lack of operational funds and information about its CEO. Without Zhaojun at the helm, crucial operational decisions and access to necessary resources became impossible. The company explicitly stated it’s shutting down after learning that its founder was taken away by Chinese police. Chinese police are said to have detained the CEO of Multichain and his sister.
The Future of Multichain and Cross-Chain Technology
Multichain's closure raises serious questions about the regulatory landscape for crypto projects, particularly those operating with connections to China. Multichain, a cross-chain router protocol that was recently breached, declared that it is ceasing operations. The incident serves as a cautionary tale about the risks and challenges associated with cross-chain technology and the importance of robust security measures and regulatory compliance.
Stay tuned for further updates as this story develops. The fate of Multichain serves as a stark reminder of the volatility and inherent risks within the cryptocurrency market.